The Homeless Billionaire to the Rescue in Newark

Nicolas Berggruen, better known as the homeless billionaire, is not someone you would expect to see in Newark, N.J. He spends his time in the world’s most cosmopolitan cities, where he generally stays in five-star hotels. When Berggruen is in the New York area, he stays at the Carlyle, on the Upper East Side. It couldn’t be more distant from Newark, which is more renowned for its poverty and high crime rate than its hotels.

Last week, however, Berggruen stood at the corner of Hasley and Williams streets in downtown Newark. He wore a finely tailored blue suit, brown loafers, and sunglasses. His white iPhone headphones dangled from his jacket pocket. He looked a bit out of place. But then so did the sleek modern buildings that had risen, thanks in large part to his largesse, on a block that had once been dominated by vacant lots.